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| The developer of the new token is the ApeCoin DAO and is notably separate from Yuga Labs |
Yuga Labs, the breakthrough crypto startup behind the most valuable non-fungible token (NFT) project by market capitalisation, Bored Ape Yacht Club, is now launching its own crypto token called ApeCoin, for use on the BAYC ecosystem. The token will be independent of Yuga labs and controlled by a decentralised community called the ApeCoin DAO (decentralised autonomous organisation), and a steward organisation called the APE Foundation will be tasked with administering and facilitating the collective decisions of the DAO.
Yuga will also airdrop 15 percent of total APE supply to BAYC holders. Yuga announced the move on Twitter, and said that 62 percent of APE's total supply will be allocated to the community. The token airdrop will begin at 6pm later today, and the claim period will be open for 90 days.
ApeCoin will initially be used as an in-game token for Yuga Labs titles starting with action-adventure mobile game Benji Bananas. Going forward, ApeCoin sales will be used to fund various digital and physical projects. Each token awards a single vote allowing individual holders to have a say on future ventures.
According to Yuga Labs' website dedicated to ApeCoin, only 1 billion ApeCoins will be minted in perpetuity, and 9.75 percent will be held by Yuga Labs, 14 percent will go to launch contributors, 8 percent to the Yuga Labs founders, and 6.25 percent will be donated to the Jane Goodall Legacy Foundation aimed at preserving chimpanzee habitats and inspiring the youth to care for wildlife and the planet.
Current Bored Ape and Mutant Ape NFT holders will receive 15 percent of the total allocation, and 47 percent of the total supply will be released to the general public over time as part of the APE Ecosystem Fund. Yuga Labs expects the APE token to be traded on major crypto exchanges in the near future.
“The possibilities for blockchain's impact on culture are so endless that they can't possibly all be predicted yet,” reads the ApeCoin website. “APE is a token made to support what's next, controlled and built on by the community. It will serve as a decentralised protocol layer for community-led initiatives that drive culture forward into the metaverse.”
While the full scope of ApeCoin's utility is still unclear, Yuga Labs is currently developing various games including a play-to-earn title with WWE Undefeated and Power Rangers: Battle for the Grid game studio nWay.
The announcement also arrives after the company successfully acquired full commercial rights to NFT projects CryptoPunks and Meebits.
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